Argentina has become one of the world’s forefront countries in crypto adoption as the population seeks an alternative from a long history of fiat woes.
According to a report by BBC News, Argentinians have embraced crypto as a way to escape the distrust and “trauma” related to the country’s tumultuous economy.
The article profiles Jerónimo Ferrer, who says his life had been shaped by the memory of Argentina’s financial crisis at the end of the 1990’s, when citizens had their bank accounts frozen and saw their savings erased almost overnight.
Ferrer now operates a walking tour in Buenos Aires called “Our local crazy economy & Bitcoin tour,” which explains to tourists the country’s financial restrictions, including limits on foreign currency transactions and bans on payment installments for international flights.
In addition to outlining the country’s harsh policies, Ferrer also educates tourists on Bitcoin and what he calls a “valuable alternative to the volatile and highly-controlled” Argentine peso.
Ferrer argued that the country’s restrictions had led to citizens turning to “tools for freedom,” including cryptoassets:
I trust more mathematics and software than I trust politicians. I think that Bitcoin for Argentinians should be a no-brainer.
According to the report, early crypto adopters in Argentina — particularly among the relatively young — find the market volatility of cryptoassets preferable to that of the “extremely changeable” Argentine peso.
Bitcoin has apparently emerged in the country as the most popular cryptoasset, with many citizens investing in the currency as a buffer for high fiat inflation.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.